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Item 2.
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| City Council Regular | |
| Date: | 06/24/2024 |
| Title: | Public Hearing regarding Low-Income Multifamily Housing Project - Aurora Apartments, |
| Presented by: | Chris Kukulski, City Administrator |
| Department: | City Hall Administration |
| Presentation: | Yes |
| Legal Review: | Not Applicable |
| Project Number: | N/A |
RECOMMENDATION
There is no action request on this matter. It is simply a statutory requirement that a public hearing to gather public input must be accomplished.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
The Aurora Apartments is a 156-unit affordable housing community that will be built for low-income families located in Billings, Montana. The units at the community will be subject to Land Use Restriction Agreement that will restrict the property to 60% AMI or less to preserve the community’s affordability. The parties plan to apply for the exemption from real property taxes available to qualifying low-income housing tax credit projects under Mont. Code Ann. §15-6-221. Under the application requirements, a unit of local government where the project is located must give notice and hold a public hearing to solicit comment on whether the proposed project meets a community housing need. Aurora Billings Holdings, LLC, in partnership with WCH Affordable LII, LLC., a nonprofit corporation specializing in the preservation and development of affordable housing, are requesting this agenda item solely in order to comply with the public hearing requirements under Mont. Code Ann. §15-6-221.
ALTERNATIVES
N/A
FISCAL EFFECTS
This public opportunity to comment has no fiscal consequences to the City. The Montana Department of Revenue may grant a property tax exemption, but the project will pay all city fees and assessments.
SUMMARY
The Aurora Apartments will be a 156-unit low-income multifamily rental housing complex generally located north of Grand Avenue, west of Zimmerman Trail and south of Colton Blvd., which will be owned by Aurora Billings Holdings, LLC, with WCH Affordable LII, LLC. The community will be subject to a Montana Board of Housing deed restriction that requires the units to be rent restricted and income-restricted to ensure that the community continues to provide affordable homes to residents in the Billings community. In addition to the 156-units available to income-qualifying residents at the property, the community will provide residents with various amenities, such as in-unit laundry facilities, a playground, covered parking, BBQ areas, open space and onsite management. The project will be new construction and will adhere to all zoning and building codes as adopted by the City of Billings. This community plans on applying for a real estate property tax exemption and is required to hold a public hearing to solicit public comment on the project in relation to community housing needs.
Notice of the Public Hearing was posted in the Yellowstone County News on June 4, 2024 and June 21, 2024.
Notice of the Public Hearing was posted in the Yellowstone County News on June 4, 2024 and June 21, 2024.